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CHAP. 66. An ACT for the relief of H. and D. Cotheal of New York.
to export with
[Sec 1.) Be it enacted by the Senate and House of Represen-
To be permitted
Approved, March 3d, 1837.
CHAP. 67. An ACT for the relief of Peter Harmony, of New York.
[Scc. 1. Be it enacted by the Senate and House of Represen-
Approved, March 3d, 1837.
CHAP. 68. An ACT for the relief of James Keytes.
sued for a cer.
[Sec. 1.) Be it enacted by the Senate and House of Represen-
Approved, March 3d, 1837.
CHAP. 69. An ACT to incorporate the President and Directors of the Fire.
men's Insurance Company of Washington and Georgetown, in the District of Columbia.
The slock, &c.
(Sec. 1.) Be it enacted, by the Senate and House of Represen.
tatives of the United States of America in Congress assembled, Certain persons That French S. Evans and Edmund Hanly, of the Union;
President Charles L. Coltman and James H. Smoot, of the Franklin ; John and Directors of Purdy and John H. Goddard, of the Perseverance; Charles K. InsuranceCom. Gardner and John Lynch of the Columbia ; Marmaduke Dove
and and William Speiden of the Navy Yard ; George Shoemaker Georgetown. and John H. King, of the Western Star, and Nathaniel Marden
and William J. Gozler, of the Vigilant, fire companies, and the subscribers to the stock of the association, and their successors, shall be, and they are hereby declared to be, a body politic and corporate, by the name and style of “ The President and Di. rectors of the Firemen's Insurance Company of Washington and Georgetown;" and by that name shall have perpetual suc. cession, and be capable in law to sue and be sued, plead and be impleaded, answer and be answered, defend and be defended, in all courts of law or equity, or elsewhere; and to make and use one common seal, and the same to alter or renew at their pleasure, and generally to do and perform all things relative to the objects of this institution, which now is or shall be lawful for
any individual or body politic or corporate to do. capital SECTION 2. And be it further enacted, That the capital stock
of this company shall consist of a sum not exceeding two huridred thousand dollars, divided into ten thousand shares, at twenty dollars each. Two dollars shall be paid on each share at the time of subscribing; four months after such subscription and payment, a further instalment of two dollars shall be paid on each share of stock; and notes payable on demand, with security to be approved of by the president and directors for the time being, shall be given for the remaining sixteen dollars. The said notes shall be renewed whenever the directors may consider it proper; and any stockholder neglecting or refusing to renew his note, or neglecting or refusing to pay an instalment when required by the directors, shall forfeit all his interest in this company, and be held liable for his proportion of any loss which
may have occurred previous to such neglect or refusal. Remission or for. SECTION 3. And be it further enacted, That, should any for
feiture occur, it may be remitted by a majority of the whole board of directors present at the meeting at which the motion for such remission shall be made, upon the payment, by the person incur. ring a forfeiture, of the principal of said instalment, and the inierest thereon up to the time of such payment; as also of his proportion of such loss as may have occurred previous to such forfeiture.
SECTION 4. And be it further enacted, That the president maining part of and directors shall not call on the stockholders for any part of
the remaining sixteen dollars per share, secured to be paid as above mentioned, unless the exigencies of the company shall
Call for the re.
to open book
require it, and then only in such proportions as the said stock- 1837. holders are severally interested, taking care, always, to give sixty days' notice thereof, in the papers in the cities of Washington and Georgetown.
Section 5. And be it further enacted, That so soon as five Company.com thousand shares are subscribed for and paid, or secured to be act paid, the company shall be competent to transact all kinds of business for which it is established.
SECTION 6. And be it further enacted, That each fire com- Bubscriptions pany in the city of Washington and Georgetown shall be entitled company to subscribe by itself, for its own use, in its corporate capacity, Georgetown or by means of trustees, for the use of said company; or the may mabe, doc. members of a company may, in their individual capacity, for the use of themselves or the company or companies to which they belong, subscribe for an amount of stock, not to exceed, in the whole, one thousand four hundred and twenty-eight shares for each company. Each company shall open books of subscription Each company for the same, on the first Monday in May, eighteen hundred and
of subscription, thirty-seven, and shall deliver the said books and the money paid &c. on the subscription, to the board of directors, so soon as they shall be appointed and prepared to receive the same.
SECTION 7. And be it further enacted, That if any fire com- When a cosopra. pany, together with its members, shall not subscribe for the num- noi ber of one thousand four hundred and twenty-eight shares for its murabər allotted to them, within the space of three years from the time the books may be opened for subscription, the residue of shares between the amount of their subscription and the said one thousand four hundred and twenty-eight shares, may be subscribed for and taken by the other fire companies, or the members thereof, in equal portions to each company, or in such manner as the directors may determine.
SECTION 8. And be it further enacted, That no person, other Only members than a member of a fire company, shall be entitled to purchase pany entitled to or hold any part of the capital or joint stock of this company; and the share or shares of a stockholder ceasing to be a member of a fire company, shall be purchased at their actual value, by the company to which the said stockholder belonged; or by the members thereof, for their own use, or for the benefit of the said company; or by the board of directors of this association, and may be disposed of by them for its benefit. Upon the decease of shares of stock. a stockholder his share or shares shall become extinct, his stock notes shall be cancelled, and the actual value of such share or shares, at the time of his decease, together with all profits due thereon to him, shall be paid within six months after such extinction, to his heirs, executors, administrators, or assigns. And the directors shall have power to create and dispose of shares equal to the number so extinguished by the death of the said stockholder.
SECTION 9. And be it further enacted, That transfers of stock Tradon may be made by any stockholder to the company, or to a member or members of the fire company to which he or they may belong, or to any other fire company, or any member or members thereof;
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1837. but no transfer shall be valid which is made to any other than a
member or members of a fire company. Members enti. Section 10. And be it further enacted, That every member ees at a dis of any of the companies belonging to the association, shall be count of eight entitled to effect insurances at a discount of eight per cent. less
than other persons, upon producing to the satisfaction of the directors a certificate of his right of membership; and all the companies associated, or who may hereafter associate under this act, within the cities of Washington and Georgetown, shall be entitled to an equal participation in all the benefits and advantages of the institution, in proportion to the amount of stock
held by such company. The affairs of Section 11. And be it further enacted, That the affairs of
to be managed this company shall be managed by a president and a board of and a board of directors, (to be elected as follows, all of whom shall be stockdirectors, &c. holders; who, previous to entering on the duties of their re
spective offices, shall take the following oath or affirmation : “I, A B, do swear (or affirm, as the case may be] that I will faith fully, diligently, impartially, and honestly fulfil the duties of my office of
to the best of my knowledge and ability.” Number of di. Each fire company holding, together with the members thereof,
one hundred shares of stock, and not more than five hundred, shall be entitled to elect one director. Any fire company holding, together with the members thereof, more than five hundred shares, shall be entitled to elect two directors. Any company, together with the members composing it, holding less than one hundred and seventy-five shares of stock, shall not be entitled to the election of a director; and should it so happen that the number of shares of stock possessed by any one company, together with the members composing it, shall become less than one hundred and seventy-five, then, and in that case, the said company shall not be entitled to the election of a director, until the amount of shares held thereby be increased to the said number of one hundred and seventy-five.
SECTION 12. And be it further enacted, That no director of insurance coni-any other fire insurance company shall be allowed to be a di. pany to be a rector of this; and should any director of this company be
elected a director of any other fire insurance company, his acceptance of that appointment shall
, ipso facto, disqualify him from continuing a director of this company, and the company from which such director shall have been delegated shall proceed to fill up the vacancy as is hereinafter provided.
SECTION 13. And be it further enacted, That the respective companies composing this association, who may be entitled to the election of one or more directors, shall hold separate meetings for the first election of directors, within two weeks after the aforesaid amount of five thousand shares of stock shall be subscribed for; and on the first Monday in January in each and every year thereafter, and choose by ballot, from among their members, the number of directors to which they are entitled; and each stockholder shall have one vote for each share of stock not exceeding five shares; one vote for every five shares over
No director of
any other fire
Election of di:
five, and not exceeding fifty shares; one vote for every ten 1837. shares exceeding fifty shares; but no person or body corporate shall have, in any instance, more than twenty votes. The directors so chosen shall serve until the first Monday in January, one thousand eight hundred and thirty eight, and until others shall be chosen, and no longer. At their first meeting after Choice of presievery election, they shall choose by ballot, a president, either from among their own body, or from amongst the other stockholders; and in case of the death or disqualification of the president, the directors shall fill up the vacancy by ballot. The said directors shall produce before they enter on the duties herein assigned to them) a certificate signed by the president and secretary of the respective fire companies, of the appointment of such person as director. In case of a director being chosen president, the place of such director for the remainder of the year shall be filled up by the company from which such director was delegated, from among the stockholders of the fire company to which the director so elected belonged. Section 14. And be it further enacted, That in case of In case of death
&a the death, resignation, or disqualification of a director, the place of such director, for the remainder of the year, shall be filled up by the company from which such director was delegated, from the fire company by whom he was elected.
SECTION 15. And be it further enacted, That the president Insurance against and directors shall be, and they are hereby, authorized to make fore coWasying. all kinds of insurance against fire, within the limits of the C, county of Washington, in the District of Columbia only, and generally to transact and perform all business relative to the objects aforesaid. And, also, to invest the capital and funds of the company, from time to time, in the public funds of the United States, or in any other stocks, and to dispose of the money and property of the company in such manner (not being contrary to law) as to them shall appear most advantageous to the company
Section 16. And be it further enacted, That the president Dividends of the and directors shall declare dividends of the profits of the corpo- declared. ration, or so much thereof as to them shall appear advisable ; and in case of any loss or losses, whereby the capital stock of the company shall be lessened, no subsequent dividend shall be made until a sum equal to such diminution, and arising from the profits of the company, shall have been added to the capital.
Section 17. And be it further enacted, That the said presi- Fund for the ben: dent and directors shall be, and they are hereby, authorized to members. retain and set apart out of the profits of the said company, from time to time, as they may think necessary, a portion of said fits, to constitute a fund for the special benefit of such members of the several fire companies belonging to this association as may become injured or disabled in the discharge of their duties
may be made.
at any fire.
SECTION 18. And be it further enacted, That every house Payment
houses destroy insured by this company that is destroyed by means of fire, from ed. the first floor upwards, shall be deemed as demolished; and it